New energy power generation, photovoltaic, wind power

Inverter, 10 years compound growth rate as high as 35.23%, the growth rate rose to 79.55% in the past two years, more than doubled. In the case of the compound growth rate of revenue of less than 9%, the compound growth rate of net profit of the mother is as high as 35%, and the increase of profit does not increase income, indicating that the past performance growth of the inverter is more driven by policy;

⑤ photovoltaic processing equipment, the 10-year compound growth rate of 28.70%, lower than the overall growth rate of the photovoltaic industry, the compound growth rate of the past two years rose only 41.53%, combined with the previous analysis, the growth rate of revenue and net profit are good, are about 29%, very healthy.

(6) Wind power machine, the 10-year compound growth rate of 6.23%, far lower than the average level of all A-share listed companies, combined with the previous revenue analysis, revenue and net profit growth are at A low level, not worth too much attention;

⑦ The slowest growth rate is photovoltaic cell modules, the net profit fluctuation is very large, the net profit of the mother in 2020 is negative, the revenue growth rate is relatively general, at present, the investment value is not big;

Overall, the overall performance of the new energy power generation industry in the past ten years is very excellent, and the growth rate of revenue and net profit is far above the average level of all A-share listed companies.

From the perspective of sub-structure, the performance of photovoltaic is significantly better than wind power, and the compound growth rate of photovoltaic industry revenue and net profit for the past ten years is more than twice that of wind power.

Specific to the subsector, in the past 10 years, the performance of the five subsectors of silicon wafers, photovoltaic auxiliary materials, photovoltaic processing equipment, inverters and wind power components is relatively good, whether it is revenue growth or net profit growth, all far behind the average level of all A-share listed companies.

The two sub-sectors of photovoltaic cell modules and wind power machines have poor performance and poor stability, so they are not included in the following research scope.

2, earning power: the overall performance is general, but they are in an optimized state, silicon wafers, inverters are better, photovoltaic auxiliary materials, photovoltaic processing equipment and wind power parts are poor

Earning power depends mainly on ROE and net profit margin on sales.

It should be explained here first that because the financial data of the inverter industry before 2011 is not complete, the financial data in 2010 was not included in the statistical scope.

(1) First look at ROE: the overall poor, but there is an improvement trend, silicon wafers and inverters are high, photovoltaic auxiliary materials, photovoltaic processing equipment and wind power parts are general

In the past decade, the ROE of the new energy power generation industry is not high, which is less than the average level of all A-share listed companies (the whole market). However, from the trend point of view, it is in an upward state, and has gradually exceeded the average level of the whole market in the past two years.

From the perspective of sub-structure, the average ROE of photovoltaic in the past ten years is 9.30%, which is A little better than wind power, but it is still lower than the average level of 11.86% of all A-share listed companies in the same period.

Look at the specific industry segments.

The highest average ROE in the past ten years is silicon wafer silicon, up to 13.15%, which is significantly better than the average level of 11.86% of all A-share listed companies in the same period. From the trend point of view, ROE has been significantly optimized in recent years, staying above 20% in the last two years;

Second is inverter, the average ROE in the past ten years is 12.96%, higher than the average level of all A-share listed companies, the overall trend is relatively stable, and the ROE increase in 2020 is more obvious;

(3) Photovoltaic processing equipment, the average ROE in the past ten years is 8.77%, lower than the average level of all A-share listed companies (whole market). However, from the trend point of view, it has been in an upward state, surpassing the average level of the whole market since 2017, and the rise is very strong;

(4) Photovoltaic auxiliary materials, the average ROE in the past ten years is 7.74%. From the trend point of view, the ROE has been in a declining state since 2017, but the ROE has soared in 2020, surpassing the average level of the whole market.

(5) Wind power components, the average ROE in the past ten years is 7.65%, and from the trend point of view, the ROE has been significantly optimized in recent years.

(2) Look at the net profit rate on sales: photovoltaic processing equipment is the highest, inverters, wind power parts, photovoltaic auxiliary materials are general, and silicon materials are poor

From the net profit rate of sales in the past ten years in the five subsectors.

① The average net profit rate on sales of photovoltaic processing equipment in the past ten years is the highest, at 15.58%, which is significantly higher than the average level of 8.85% of all A-share listed companies (the whole market). Combined with the previous analysis, in recent years, whether the ROE or the average net profit rate on sales of photovoltaic processing equipment is more than 15%, which is significantly higher than the average level of the whole market during the same period, and the earning power is still very strong;